Counter target non-creature spell. That spell's controller loses 2 life.
Volcanic Fallout 1RR
Volcanic Fallout can't be countered.
Volcanic Fallout deals 2 damage to all creatures and players.
That improved Negate card version is really a good addition to the sideboard of the Fae decks, replacing the actual Negate but I don't think it can replace Glen Elendra Archmage.
Volcanic Fallout makes me actually smile right now as I got another card to include to my Red deck. This card is very good against Faes and Merfolks. The bad thing is that its still a red card and Burrenton Forge Tender can still prevent the damage.
These two cards are my fave so far. The other three newly spoiled cards are like "uhmmm... ok."